OPEC: no cuts

OPEC reported that it would be unlikely to reduce output, as oil prices remain high at around $50 a barrel.

OPEC secretary general Adnan Shihab-Eldin pointed out that already high prices meant that lowering production would not be likely, especially as cold weather was putting pressure on prices across North America and Europe.

OPEC meet again on March 16th, where their officail pronouncements on the current state of oil production will be made.